{"id":1602,"date":"2023-08-29T11:22:45","date_gmt":"2023-08-29T11:22:45","guid":{"rendered":"https:\/\/www.founderlabs.in\/?p=1602"},"modified":"2023-08-29T11:22:45","modified_gmt":"2023-08-29T11:22:45","slug":"gaming-startup-fantok-shuts-temporarily-amidst-tax-turmoil","status":"publish","type":"post","link":"https:\/\/www.founderlabs.in\/?p=1602","title":{"rendered":"Gaming startup Fantok shuts temporarily amidst tax turmoil"},"content":{"rendered":"\n<p><em>A Closer look at the Impact<\/em><\/p>\n\n\n\n<p>The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.<\/p>\n\n\n\n<p>Real money gaming app venture Fantok is the latest casualty of the GST council\u2019s decision to retain a 28% tax on the full face value of online real-money games.<\/p>\n\n\n\n<p>The decision reflects the uncertainty created by the imposition of the 28% GST on the entire realized amount, coupled with high TDS and other issues related to payment gateways.<\/p>\n\n\n\n<p>The company also mentioned that the substantial cost of customer conversion has placed a significant strain on its resources.<\/p>\n\n\n\n<p>Earlier crypto gaming platform, <strong>One World Nation<\/strong> and gaming company <strong>Quizy<\/strong> had shut down their operations. Other players in the segment- <strong>Mobile Premier League<\/strong>, <strong>Hike Rush Gaming Universe<\/strong>, and <strong>Spartan Poker<\/strong> have already announced significant job cuts to deal with the increased tax burden.<\/p>\n\n\n\n<p><strong><em>Company Snapshot:<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>Name of the Company<\/em><\/strong>&#8211; Fantok<\/p>\n\n\n\n<p><strong><em>Location-<\/em><\/strong> Gurgaon<\/p>\n\n\n\n<p><strong>Founding Year<\/strong>: 2022<\/p>\n\n\n\n<p><strong>Promoters<\/strong>: Ronak Ahuja, Prakhar Saxena and Ashok Vishwakarma<\/p>\n\n\n\n<p><strong>Business<\/strong>: Real Money gaming app that allows users to predict outcomes of real-world events.<\/p>\n\n\n\n<p><strong>Performance<\/strong>: The bootstrapped company claims to have had 15,000 downloads in just three months, and a community of over 130 game creators. <\/p>\n\n\n\n<p><strong>Reason for Shutting Operations-<\/strong> The massive tax burden arising due to the 28% GST has made it difficult for the venture to operate. Fantok plans to review strategic pivots to align with the evolving landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Closer look at the Impact The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision. Real money gaming app venture Fantok is the latest casualty of the GST council\u2019s decision to retain a 28% tax on the full face value of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[643],"tags":[407,408,409,410,411],"class_list":{"0":"post-1602","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-start-up-news","8":"tag-fantok","9":"tag-gaming-startup","10":"tag-gst","11":"tag-online-gaming","12":"tag-tax"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gaming startup Fantok shuts temporarily amidst tax turmoil<\/title>\n<meta name=\"description\" content=\"The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.founderlabs.in\/?p=1602\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaming startup Fantok shuts temporarily amidst tax turmoil\" \/>\n<meta property=\"og:description\" content=\"The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.founderlabs.in\/?p=1602\" \/>\n<meta property=\"og:site_name\" content=\"Founderlabs\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/founderlabsindia\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-29T11:22:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gaming startup Fantok shuts temporarily amidst tax turmoil\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@founderlabs_ind\" \/>\n<meta name=\"twitter:site\" content=\"@founderlabs_ind\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/#\\\/schema\\\/person\\\/cb4a406b1f3e4fdc2d31bb540a9eb098\"},\"headline\":\"Gaming startup Fantok shuts temporarily amidst tax turmoil\",\"datePublished\":\"2023-08-29T11:22:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602\"},\"wordCount\":245,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.founderlabs.in\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Fantok-Gaming-Startup.jpg\",\"keywords\":[\"Fantok\",\"Gaming startup\",\"GST\",\"Online gaming\",\"Tax\"],\"articleSection\":[\"Ecosystem Updates\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602\",\"url\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602\",\"name\":\"Gaming startup Fantok shuts temporarily amidst tax turmoil\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.founderlabs.in\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Fantok-Gaming-Startup.jpg\",\"datePublished\":\"2023-08-29T11:22:45+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/#\\\/schema\\\/person\\\/cb4a406b1f3e4fdc2d31bb540a9eb098\"},\"description\":\"The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#primaryimage\",\"url\":\"https:\\\/\\\/www.founderlabs.in\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Fantok-Gaming-Startup.jpg\",\"contentUrl\":\"https:\\\/\\\/www.founderlabs.in\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Fantok-Gaming-Startup.jpg\",\"width\":1600,\"height\":960,\"caption\":\"Fantok - Gaming Startup\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/?p=1602#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.founderlabs.in\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gaming startup Fantok shuts temporarily amidst tax turmoil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/#website\",\"url\":\"https:\\\/\\\/www.founderlabs.in\\\/\",\"name\":\"Founderlabs\",\"description\":\"Stories about founders, startups &amp; entrepreneurship\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.founderlabs.in\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.founderlabs.in\\\/#\\\/schema\\\/person\\\/cb4a406b1f3e4fdc2d31bb540a9eb098\",\"name\":\"Editor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/38e45bd7ab0ab67d8f6a70ad767c39edafe2623638892f2bf0e2d556081dcef0?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/38e45bd7ab0ab67d8f6a70ad767c39edafe2623638892f2bf0e2d556081dcef0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/38e45bd7ab0ab67d8f6a70ad767c39edafe2623638892f2bf0e2d556081dcef0?s=96&d=mm&r=g\",\"caption\":\"Editor\"},\"sameAs\":[\"http:\\\/\\\/founderlabs.in\"],\"url\":\"https:\\\/\\\/www.founderlabs.in\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Gaming startup Fantok shuts temporarily amidst tax turmoil","description":"The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.founderlabs.in\/?p=1602","og_locale":"en_US","og_type":"article","og_title":"Gaming startup Fantok shuts temporarily amidst tax turmoil","og_description":"The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.","og_url":"https:\/\/www.founderlabs.in\/?p=1602","og_site_name":"Founderlabs","article_publisher":"https:\/\/www.facebook.com\/founderlabsindia","article_published_time":"2023-08-29T11:22:45+00:00","og_image":[{"width":1600,"height":960,"url":"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_title":"Gaming startup Fantok shuts temporarily amidst tax turmoil","twitter_image":"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg","twitter_creator":"@founderlabs_ind","twitter_site":"@founderlabs_ind","twitter_misc":{"Written by":"Editor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.founderlabs.in\/?p=1602#article","isPartOf":{"@id":"https:\/\/www.founderlabs.in\/?p=1602"},"author":{"name":"Editor","@id":"https:\/\/www.founderlabs.in\/#\/schema\/person\/cb4a406b1f3e4fdc2d31bb540a9eb098"},"headline":"Gaming startup Fantok shuts temporarily amidst tax turmoil","datePublished":"2023-08-29T11:22:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.founderlabs.in\/?p=1602"},"wordCount":245,"commentCount":0,"image":{"@id":"https:\/\/www.founderlabs.in\/?p=1602#primaryimage"},"thumbnailUrl":"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg","keywords":["Fantok","Gaming startup","GST","Online gaming","Tax"],"articleSection":["Ecosystem Updates"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.founderlabs.in\/?p=1602#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.founderlabs.in\/?p=1602","url":"https:\/\/www.founderlabs.in\/?p=1602","name":"Gaming startup Fantok shuts temporarily amidst tax turmoil","isPartOf":{"@id":"https:\/\/www.founderlabs.in\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.founderlabs.in\/?p=1602#primaryimage"},"image":{"@id":"https:\/\/www.founderlabs.in\/?p=1602#primaryimage"},"thumbnailUrl":"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg","datePublished":"2023-08-29T11:22:45+00:00","author":{"@id":"https:\/\/www.founderlabs.in\/#\/schema\/person\/cb4a406b1f3e4fdc2d31bb540a9eb098"},"description":"The vibrant world of gaming takes a hit as Fantok, a promising gaming startup, grapples with the aftermath of a controversial tax decision.","breadcrumb":{"@id":"https:\/\/www.founderlabs.in\/?p=1602#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.founderlabs.in\/?p=1602"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.founderlabs.in\/?p=1602#primaryimage","url":"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg","contentUrl":"https:\/\/www.founderlabs.in\/wp-content\/uploads\/2023\/08\/Fantok-Gaming-Startup.jpg","width":1600,"height":960,"caption":"Fantok - Gaming Startup"},{"@type":"BreadcrumbList","@id":"https:\/\/www.founderlabs.in\/?p=1602#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.founderlabs.in\/"},{"@type":"ListItem","position":2,"name":"Gaming startup Fantok shuts temporarily amidst tax turmoil"}]},{"@type":"WebSite","@id":"https:\/\/www.founderlabs.in\/#website","url":"https:\/\/www.founderlabs.in\/","name":"Founderlabs","description":"Stories about founders, startups &amp; entrepreneurship","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.founderlabs.in\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.founderlabs.in\/#\/schema\/person\/cb4a406b1f3e4fdc2d31bb540a9eb098","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/38e45bd7ab0ab67d8f6a70ad767c39edafe2623638892f2bf0e2d556081dcef0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/38e45bd7ab0ab67d8f6a70ad767c39edafe2623638892f2bf0e2d556081dcef0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/38e45bd7ab0ab67d8f6a70ad767c39edafe2623638892f2bf0e2d556081dcef0?s=96&d=mm&r=g","caption":"Editor"},"sameAs":["http:\/\/founderlabs.in"],"url":"https:\/\/www.founderlabs.in\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=\/wp\/v2\/posts\/1602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1602"}],"version-history":[{"count":0,"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=\/wp\/v2\/posts\/1602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=\/wp\/v2\/media\/1603"}],"wp:attachment":[{"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.founderlabs.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}